The Broadluxe condominium development auction was held on Monday. Again, this was for the entire building; individual units were not sold off.
I received the following email from Brecht Palombo, who was handling the sale for Tranzon, LLC (email has been edited, slightly).
We had 19 registered bidders for the Broadluxe … In the end, TDBankNorth bought the property for $17.5M and we are remarketing the project to the interested parties right now …
I am not sure, but I’d assume that TDBankNorth was the lead lender on the project, so they bought it from the developer to control what happened to their investment. Brecht could clarify.
“Remarketing the project” means the bank wants to find someone, a developer, to come in to finish the project. Then, the developer would list the individual units for sale. I expect this could happen, fairly quickly.
Down the street, a different developer was selling five units in his condo development.
As for the Lofts @ Broad auction that same evening; we also had 19 bidders, we sold the one unit without reserve for $400,000 ($638 per square foot) to a private party.
Bids on the other four units are being accepted until next Monday, at 5:00 pm.
We are listening to all reasonable offers and we are disclosing current bids.
Ooh. That would be helpful news.
Send me an email if you want more information, want to contact Brecht, or would like buyer’s agent representation on your purchase of one of these units.